Clearfield, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Note 17 - Subsequent Events

Note 17 - Subsequent Events	6 Months Ended
Mar. 31, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	Note 17. Subsequent Events In April 2024, the Company terminated the lease for its approximately 318,000 square foot manufacturing facility in Tijuana, Mexico and signed a new lease for the same facility. The new lease has a term of seven years, of which five years are mandatory. The lease contains two options to extend the term of the lease for additional periods of five years each. The lease calls for monthly base rental payments of approximately $169,000, increasing 2% annually. The renewal options have not been included within the lease term because it is not reasonably certain that the Company will exercise either option. Upon terminating the previous lease and entering into the new lease, the existing right of use asset and associated lease liability of $5,764,000 will be replaced with a right of use asset and associated lease liability of approximately $8,637,000.

Note 17 - Subsequent Events

6 Months Ended

Mar. 31, 2024

Note 17. Subsequent Events

In April 2024, the Company terminated the lease for its approximately 318,000 square foot manufacturing facility in Tijuana, Mexico and signed a new lease for the same facility. The new lease has a term of seven years, of which five years are mandatory. The lease contains two options to extend the term of the lease for additional periods of five years each. The lease calls for monthly base rental payments of approximately $169,000, increasing 2% annually. The renewal options have not been included within the lease term because it is not reasonably certain that the Company will exercise either option. Upon terminating the previous lease and entering into the new lease, the existing right of use asset and associated lease liability of $5,764,000 will be replaced with a right of use asset and associated lease liability of approximately $8,637,000.